Financials

Crown Castle Inc. financials

CCI Specialized REITs

Crown Castle Inc. is a real estate investment trust that owns and operates a broad portfolio of wireless communications assets in the United States, including around 40,000 cell towers, small cells, and extensive fiber networks. It generates revenue through long-term leasing agreements with major carriers like AT&T, Verizon, and T-Mobile. Under the leadership of CEO Jay A. Brown, the company is focused on expanding 5G and upgrading network capabilities. Its robust asset base and strategic investments position it well against competitors in a rapidly evolving telecom landscape.

Snapshot

Crown Castle Inc. reported $4.05B in revenue in fiscal 2025, up -5.1% year over year, with an operating margin of 51.2%.

Revenue (FY2025): $4.05B
YoY growth: +-5.1%
Operating margin: 51.2%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Property Revenue	4,049,000	4,268,000	4,313,000	6,289,000
Service and Other Revenue	215,000	192,000	421,000	697,000
Total Revenues	4,264,000	4,460,000	4,734,000	6,986,000
Property Expenses	992,000	983,000	961,000	1,602,000
Service and Other Expenses	113,000	107,000	304,000	466,000
Total Property Expenses	1,105,000	1,090,000	1,265,000	2,068,000
Gross Profit	3,159,000	3,370,000	3,469,000	4,918,000
Selling, General & Administrative Expenses	383,000	435,000	502,000	750,000
Depreciation & Amortization Expenses	690,000	736,000	787,000	1,707,000
Other Operating Expenses	11,000	81,000	83,000	36,000
Operating Profit	2,075,000	2,118,000	2,097,000	2,425,000
Interest and Investment Income	13,000	20,000	15,000	3,000
Interest Expense	(972,000)	(932,000)	(849,000)	(699,000)
Non-Operating Income	(3,000)	26,000	5,000	38,000
Total Non-Operating Income	(962,000)	(886,000)	(829,000)	(658,000)
Income Before Provision for Income Taxes	1,113,000	1,232,000	1,268,000	1,767,000
Provision for Income Taxes	16,000	18,000	21,000	16,000
Consolidated Net Income	1,097,000	1,214,000	1,247,000	1,751,000
Net Income Attributable to Discontinued Operations	(1,318,000)	(10,130,000)	530,000	—
Net Income Attributable to Common Shareholders	(221,000)	(8,916,000)	1,777,000	1,751,000
Basic EPS	1.02	-8.98	3.46	3.87
Diluted EPS	1.01	-8.98	3.46	3.86
Basic Weighted Average Shares Outstanding	435,000	434,000	434,000	433,000
Diluted Weighted Average Shares Outstanding	437,000	434,000	434,000	434,000
Shares Outstanding	435,000	435,000	434,000	433,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	99,000	100,000	105,000	156,000
Total Cash and Cash Equivalents	99,000	100,000	105,000	156,000
Accounts Receivable	172,000	129,000	481,000	593,000
Total Trade Receivables	172,000	129,000	481,000	593,000
Restricted Cash	170,000	170,000	171,000	166,000
Other Current Assets	703,000	691,000	275,000	302,000
Total Current Assets	1,144,000	1,090,000	1,032,000	1,217,000
Net Property, Plant & Equipment	11,746,000	12,177,000	21,853,000	21,933,000
Net Intangible Assets	861,000	1,037,000	3,179,000	3,596,000
Goodwill	5,127,000	5,127,000	10,085,000	10,085,000
Other Long-Term Assets	12,640,000	13,305,000	2,378,000	2,090,000
Total Assets	31,518,000	32,736,000	38,527,000	38,921,000
Accounts Payable	71,000	48,000	252,000	236,000
Accrued Expenses	235,000	244,000	219,000	183,000
Current Portion of Long-Term Debt	2,783,000	603,000	835,000	819,000
Current Portion of Leases	268,000	264,000	332,000	350,000
Unearned Revenue	192,000	141,000	605,000	736,000
Other Current Liabilities	930,000	877,000	342,000	407,000
Total Current Liabilities	4,479,000	2,177,000	2,585,000	2,731,000
Long-Term Debt	21,554,000	23,451,000	22,086,000	20,910,000
Leases	4,961,000	5,062,000	5,561,000	5,881,000
Other Long-Term Liabilities	2,159,000	2,179,000	1,914,000	1,950,000
Total Long-Term Liabilities	28,674,000	30,692,000	29,561,000	28,741,000
Total Liabilities	33,153,000	32,869,000	32,146,000	31,472,000
Common Stock	4,000	4,000	4,000	4,000
Additional Paid-in Capital	18,527,000	18,393,000	18,270,000	18,116,000
Accumulated Other Comprehensive Income	(5,000)	(5,000)	(4,000)	(5,000)
Retained Earnings	(20,161,000)	(18,525,000)	(11,889,000)	(10,666,000)
Total Common Shareholders' Equity	(1,635,000)	(133,000)	6,381,000	7,449,000
Total Shareholders' Equity	(1,635,000)	(133,000)	6,381,000	7,449,000
Total Liabilities and Shareholders' Equity	31,518,000	32,736,000	38,527,000	38,921,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,103,000	1,162,000	1,237,000	1,675,000
Depreciation & Amortization	722,000	768,000	816,000	1,724,000
Share-Based Compensation Expense	73,000	84,000	102,000	156,000
Other Adjustments	7,000	48,000	33,000	70,000
Changes in Trade Receivables	3,000	35,000	152,000	(49,000)
Changes in Accounts Payable	17,000	(19,000)	(9,000)	(5,000)
Changes in Accrued Expenses	(9,000)	25,000	36,000	—
Changes in Other Operating Activities	1,141,000	840,000	759,000	(693,000)
Cash from Operating Activities	3,057,000	2,943,000	3,126,000	2,878,000
Capital Expenditure	(182,000)	(176,000)	(243,000)	(1,310,000)
Payments for Business Acquisitions	—	(8,000)	(96,000)	(35,000)
Other Investing Activities	(976,000)	(1,036,000)	(1,180,000)	(7,000)
Cash from Investing Activities	(1,158,000)	(1,220,000)	(1,519,000)	(1,352,000)
Issuance of Short-Term Debt	1,200,000	—	3,613,000	3,495,000
Repayments of Short-Term Debt	(255,000)	(670,000)	(4,248,000)	(2,855,000)
Net Issuance / (Repayments) of Short-Term Debt	945,000	(670,000)	(635,000)	640,000
Issuance of Long-Term Debt	—	1,244,000	3,843,000	748,000
Repayments of Long-Term Debt	(1,318,000)	(849,000)	(829,000)	(1,348,000)
Net Issuance / (Repayments) of Long-Term Debt	(1,318,000)	395,000	3,014,000	(600,000)
Repurchases of Common Shares	(23,000)	(33,000)	(30,000)	(65,000)
Net Issuance / (Repurchases) of Common Shares	(23,000)	(33,000)	(30,000)	(65,000)
Common Share Dividends Paid	(2,080,000)	(2,729,000)	(2,723,000)	(2,602,000)
Other Financing Activities	590,000	1,329,000	(1,280,000)	962,000
Cash from Financing Activities	(1,886,000)	(1,708,000)	(1,654,000)	(1,665,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—	(1,000)	1,000	—
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	13,000	15,000	(47,000)	(139,000)

Key metrics

$38.66B

Market Cap

87.99x

P/E

9.07x

P/S

24.36x

EV/EBITDA

-124.1%

Return on Equity

6.0%

Return on Invested Capital

0.26x

Current Ratio

5.4%

Dividend Yield

67.4%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$961M	+-4.9%	48.4%	$465M
Q4 2025	$1.02B	+-4.9%	51.4%	$523M
Q3 2025	$1.01B	+-5.1%	51.9%	$525M
Q2 2025	$1.01B	+-5.3%	50.2%	$506M
Q1 2025	$1.01B	—	51.5%	$521M
Q4 2024	$1.07B	—	53.3%	$570M
Q3 2024	$1.07B	—	49.9%	$532M
Q2 2024	$1.06B	—	46.5%	$495M

Margins

78.0%

Gross margin

51.2%

Operating margin

27.1%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-19

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

More on Crown Castle Inc.

See how VectorShift works for your firm